Palantir (PLTR): SBC is Diluting PLTR's Shareholders! Good or Bad?

요약 보기

팔란티어의 주식기준보상(SBC)은 매출 대비 비중이 분기마다 감소 추세이며, 주당 매출은 증가 중이라 주주가치 훼손으로 보기 어렵다고 주장. 인재 확보를 위해 SBC는 필요하며 AIP 도입 후 미국 상업고객이 가속 성장. 경영진이 비용 증가를 예고했으나 매출 성장률 대비 비용을 통제한다고 설명. 장기적으로 SBC 비중이 낮아지면 추가 긍정적이라는 견해.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. so there has always been a concern for palente right with regards to their share based compensation so the the argument is that uh since they DPO okay they have always been quite heavy on the share based compensation and it took up quite okay A a portion of their total revenue so shareholders you know the the the B the bearish views is always to say that you know they always give a lot of share base comp ation and you know they will destroy the shareholder value and they say it's not good all right in terms of the long term but I tend to like to give to a a different view regards to this because you must understand how the US market works okay and especially tech companies right a lot of the uh employees there uh they like to be rewarded based on shares okay and as you know the tech uh environment is very very competitive and especially for a company that valer you know with the the the product okay and the services that they want to provide they really need the top talents okay they really need a very good people okay good employees and talents okay to create the product that they have yeah so in order to attract these talents all right from you know all the other top tech companies as usual like Amazon meta Google you know they need to offer them shares in order to attract Talent right so so this is one of the cultures that we first need to understand but of course I don't fully support if let's say they give a lot of share base compensation okay and they give sharease compensation and if they never get the ROI okay and revenue never increase then it's a problem yeah so one interesting okay uh uh chart right that I've already uh created for you guys to take a look is this now to see okay whether this share based compensation is good or not okay I teach you guys you all can compare it okay with the total revenue and see whether the trend is going down so if you see at the share based compensation I cannot uh I won't deny I won't deny that you know the share okay has always been a lot okay total SBC here share base compensation right okay is maybe increased all right or or quite quite a lot if you look at it right it's like 114 million oh my God one in one quarter right okay but you see you can see that since last time okay it took around 33% of the total revenue But as time goes by every single quarter you can see it's on a very good Trend it's going down every single quarter yeah it's going down every single quarter uh so that's why you can see that the at least the management they are aware of this all right and then they won't uh how say destroy the shareholder value L yeah so for now okay pente is still on a very growing phase they are still creating product you know and they still need to take market share yeah so for now all right I'm quite okay with it because you see by awarding the share Bas compensation right do they give results this is the most important thing and I think in my previous video I shared with you guys they grow their revenue you know uh uh a lot okay and then not only that okay they also get a lot of us commercial customers accelerating growth I showed you all last time yeah they grow from 35 know this is when the AIP they created the AIP product and then they do the AIP boot camp and they accelerated their us commercial customers and in total they also accelerating so so the idea here is I want to educate you know as shareholders you know you cannot just look at it at a very small narrow view or giving share based compensation means diluting the shareholders it's very bad no you cannot think like that because if you want a company to be very strong you want them to give the best of the best products you want them you know to be better than other competitors and you must attract talents okay and to attract talents you need to reward them yeah you should you should start to think like an owner the owner of a business if I want to achieve this what I should do okay we cannot think very narrowly you know as a shareholder only uh I don't want to give share based compensation I want to give low low salary and yet I want to win market share I want them to continue to grow fast you cannot think like that yeah so as of now right I think they are quite okay with the share base compensation and it's going good to keep on monitoring them is going downtrend and I don't think that's the destroying shareholder value why because if you can see on top here all right and not here here okay the per share value in terms of Revenue all right there's no decline okay as you can fact you can see for every single quarter they are increasing okay of course I would love them to increase at a much faster but they uh how to say they didn't increase okay as much because there still some form of share diretion yeah so of course we do hope they reach at some point okay when they grow to a bigger size already then they was stop okay or perhaps offer a little bit okay of the share base compensation at opposed to their revenue maybe I do not know all depends on their plan okay like for example this share base compensation okay um let's say five years down the road or maybe 10 years later from 19 maybe go down to 15 go down to 10 all right as time goes by the revenue accelerates share Bas compensation dilution go down already then we may see the acceleration on the revenue per share here yeah but as of now there's no destroy in shareholder value you'll be very bad if less say yes the revenue is growing but the share base compens so much that it destroys okay or or reduces the value of the share but as of now okay as we monitor I think it's not bad I think it's not bad okay and one thing to take note okay from their return earnings and yes okay uh the CFO already told us yeah that they expect increased expenses why because you know they are saying AIP AP bot cam is very working very well so they need to invest maybe they will get new Engineers or new salesperson all right and of course they need to continue to reward them as long as they can offer us accelerating growth getting new customers growing the revenue I think is Justified yeah because they currently have to uh uh meet the current huge demand course this quarter they give us some form of visibility for the next few quarters really yeah so if I can read here you know given our conviction in the US business coupled with the margin expansion we intend to boost investment resources already including AIP you know and of course they're not focusing on the defense all right so we expect expens to ramp up so this is a good thing to be honest because they are investing back in the business but one thing of course if you're worrying on you know uh in case they become uh losses again or what don't worry because the CFO is aware the CFO is aware okay remain focus on calibrating the expense growth below the revenue growth uh so that they can continue to show uh get profitability all right so I hope this um short video educate a bit of on you guys you know that that you know share base compensation you know whether good or bad you really need to dig deeper all right and see how it really works and as long as the usage of the saas compensation is good then we have no issue with it all right so thanks again for watching guys yeah